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BMM 3013 Starting a Business and Fundamentals of Marketing

University: LEEDS TRINITY UNIVERSITY

  • Unit No: N/A
  • Level: High school
  • Pages: 9 / Words 2317
  • Paper Type: Dissertation
  • Course Code: BMM 3013
  • Downloads: 24
Question :

 This assessment will cover following questions:

  • Conduct and evaluate a market research and explain the application of principles.
  • Evaluate the external environment which impact the business performance.  
  • What are the different financing techniques which needed to implement in the business organisation.
Answer :
Organization Selected : Blunt Beauty

INTRODUCTION

Marketing is the best way to promote the business by using effective tools and techniques and in the same way, the report will help to determine the importance of marketing. The report is based upon Blunt Beauty which is a saloon and the report will describe the business idea which is offered by Blunt Beauty i.e. to launch a herbal make-up kit containing Foundation, Concealer,  eyeliner, facial creams and Primer. Further, report will develop a business idea which includes goals, vision, objectives and background and expertise. Further, report will describe the internal and external environment of the company by using SWOT and PEST analysis. Moreover, report will describe competitive advantages by using Porter generic strategy.

ASSESSMENT 1

About Company

Blunt Beauty's has been recently launched in the UK and is competing with the top beauty and cosmetic retailers in the country.

Vision: The vision of the company is that “Keep on adding to the number of stakeholders” and they try to fulfil their vision by the variety of products that they produce.

Objectives: The objectives of the company is to become a leader of the beauty and cosmetic industry and make the products easily available and accessible to the majority of the targeted customer segment (Jazayeri and Park, 2019). Addressing the needs and wants of the consumers by integrating them with the recent technological changes and modifications in the industry, the company tends to modify themselves with changing environment.

Goal: The goal of the Blunt Beauty's is to become a world leader in the beuty market segment by constant innovation and meeting the changing needs and desires of the customers so that every requirement can be fulfilled at Blunt Beauty's. Want essay writing services UK? Take help from our experts!

Background and Expertise: The company has been started as a herbal beauty and cosmetic and  with time the company will expand itself in the entire United Kingdom as the convenience stores  (Envick, 2018). Their expertise lies in the fact that they are able to cater to multiple wants of the consumer by providing an assortment of herbal products.

SWOT: SWOT Analysis helps in analysing the internal environment of the company and therefore can be used to analyse the current operations of Blunt Beauty's:

Strengths

  • It is proposed to become extremely reputed for the quality and pricing of their products in the wide market of cosmetics and beauty.
  • It encourages the local brands and companies by buying directly from the local manufacturers and using their raw materials.
  • The supply chain of Blunt Beauty's is strongly integrated (Jazayeri and Park,  2019).

Weaknesses

  • The company does not exercise a strong online presence in the current era of digitalisation where everything is done online.
  • There is inconsistency in the satisfaction level of the consumers and this is a major problem since it creates ambiguity regarding the company's position in the market.
  • The marketing activities of the company are to strong and despite having some unique qualities, the store has not highlighted them properly which tends to decrease the opportunities for the store.

Opportunities

  • It is expected that the market of retail and cosmetics is growing and will continue to grow in the future.
  • The progressing economy of UK is another benefit and the increasing expenditure ability of the company adds to the opportunities of the company.
  • The company can further expand into many other sectors as well and develop supremacy in the existing sectors by launching the latest quality products.

 

Threats

  • The biggest threat is the three other eminent cosmetic industries of UK which are evading the market and Blunt Beauty's fall way behind in the cosmetic beauty segment.
  • Another major threat is that Blunt Beauty is limited to the UK and there is no international expansion of the company. 

Overview of proposed plan

The company Blunt Beauty's, intends to establish their cosmetic market segment and keeping in mind the desire of the consumers to use herbal cosmetics, the company plans to launch a herbal make-up kit containing Foundation, Concealer, eyeliner, facial cream and Primer. This will help in entering a new segment and this herbal cosmetic product will attract many more customers to the company.Get assignment help to get better grades!

Target Market: The targeted market for the company is women and girls from 15 years and above and these involve women belonging to different regional backgrounds. They are increasingly becoming conscious about the safety of the cosmetic products they use and whether they contain chemicals or not (Watson, McGowan and Cooper, 2016). Thus, by presenting the range of herbal cosmetics to this targeted market segment, they will be able to target and capture the market correctly.

Marketing Plan: The 4P's of marketing can be used to analyse the different factors and aspects of the product:

4P's of Marketing

Basis

Product

The product will be launched for the women of all age group and colour having different shades and tints for different skin types and further the herbal make-up kit would be made available in all the stores of Blunt Beauty's.

Price

The price of the product will be adequately placed at an average price of £50 including all the three herbal products i.e. Foundation, Concealer and Primer (Bhadury and et.al., 2017). The company is exercising penetration pricing because they intend to launch their product successfully in the market and with this strategy, the company would be able to garner the attention of the public.

Place

The product will be launched in all the stores that are operating in UK under the Blunt Beauty's company brand. This will help in making the product available to customers all over UK.

Promotion

The promotional activity will be carried out by all the major mediums such as TV, Radio etc. and also various discounts etc. would be given by the company initially. Additionally, the packaging of the kit would be done in an attractive manner and this will help in attracting the attention of targeted consumer segment.

Investment and Financing Opportunities: There are various measures through which financing of a company can be done and in order to launch their herbal beauty product, the best strategy that the company can adopt is financing through venture capitalists (Swanson, 2017). Since the growth potential in this market is extremely high, they would invest in the company and in return claim a stake in the equity shares of the company. This will help them in gaining the necessary funds by the means of equity shares and this is the best financing option that is available for the company. This is the best financing opportunity for the company and will assist in raising funds in a simple and yet effective manner. Take help from our cheap essay writing services to score better!

External Environmental

To determine the external environment, it is essential to use PEST model which helps to determine which external environment affect the overall business in opposite or positive way. Therefore, it is as mention below:

Political factor: In order to develop the new business idea, company should make sure that there should be a political stability so that it will it will not affect the business in negative way. Further, in UK, there is sudden change in the policies by the government and as a result, it will be more difficult for the company to cope up with such changes, which in turn affect the financial performance of the firm in negative way (Christodoulou and Cullinane, 2019). Moreover, as company developing new business to launch herbal make-up kit containing Foundation, Concealer, eyeliner, facial cream and Primer and for

Economic Factor: This factor deals with the inflation, recession and the currency exchange.  As Blunt Beauty offer new product and if there is any fluctuation in the economic factor then, as a result, it creates negative impact upon the business. Such that customers will not spend their money for purchasing the product. Therefore, it is also analysed that quoted firm is operates at global level for that it requires stability in the currency exchange rates (Zahari and Romli,  2019). Further, Blunt Beauty should also make sure that of the economic situation of the country is stable, then the company will easily offered the new product because it will not affect the offered price in adverse way. Therefore, after considering proper economic stability, company should invest.

Social Factor: The factor deals with the belief and notion of people and customers changes their preference as per changes in market. But on the other side, Blunt Beauty also comply with the same and that is why, it launches the same new product after analysing the needs and wants of customer. People in UK, are more conscious about their health and skin, that is why,  launching a herbal make-up kit containing Foundation, Concealer,  eyeliner, facial creams and Primer will help to attract wide range of customers towards it and sustain the brand image in the international market as well (Nandonde, 2019). From the secondary research, it is analysed that youth of UK mostly prefers to use herbal products and that is why, by analysing the needs, company also offer the same i.e. a herbal make-up kit containing Foundation, Concealer,  eyeliner, facial creams and Primer.

Technological Factor: In this modern era, technology plays a crucial role in the market. In the same way, Blunt Beauty also uses the same in order to attract the wide range of customers. Further, as the company wants to launch new product and that is why, it may use social media as a marketing tool so that it may attract wide range of customers towards them. Additionally, it may offer the new product in online mode as well, so that people may easily enjoy the services at international level too.

Read more: HNBS 312 Organisational Behaviour

Competitive Advantage

Competitive advantages mainly refer to the capacity and ability of the company as compared to its rivals in which the firm sell the products at low rates by providing the greater value through differentiation (David and David, 2019). In the same way, Blunt Beauty also wants to  launch a herbal make-up kit containing Foundation, Concealer,  eyeliner, facial creams  and Primer which is unique in itself and to gain the high competitive advantage, company uses Porter generic strategy in which, company uses Cost leadership and differentiation

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